What is a condition? Give an example of each of the following types of conditions: condition precedent, condition concurrent, conditions subsequent
A condition is an uncertain event that affects the duty of performance. Condition precedent-If William is to buy Anna's land for $50,000, provided William can obtain financing in the amount of $40,000 at no more than 7% interest, the obtaining of financing at no more than 7% interest is a condition precedent. Condition concurrent-If Arnold has contracted to sell Brian a watch for $10, with delivery and payment to take place at the same time, the obligation to pay for the watch is a condition concurrent with the obligation to turn over the watch to Brian. Condition subsequent-Where goods are sold under terms of "sale or return," the buyer has the right to return the goods to the seller within a stated period, but is under an immediate duty to pay the price unless credit has been agreed upon. The duty to pay the price is terminated by a return of the goods, which operates as a condition subsequent.
You might also like to view...
Which of the following is not a property of a binomial experiment?
A. The experiment consists of a sequence of n identical trials. B. Each outcome can be referred to as a success or a failure. C. The probabilities of the two outcomes can change from one trial to the next. D. The trials are independent.
José is making a presentation to potential donors for International University about design and construction plans for the new Health Sciences Center planned for the institution. He has never spoken to these donors before and he is new to the university. Which of the following techniques should he use to make an effective presentation?
a. Thoroughly research the donors, their backgrounds, and the project. b. Review the presentation but avoid practicing so the delivery will seem natural. c. Arrive just before the presentation to avoid mingling with people who are unfamiliar. d. All of the above are recommended techniques.
The budgeting of marketing action and strategy decision are irrelevant when preparing the financial plan.
Answer the following statement true (T) or false (F)
In some respects, Kant's categorical imperative is a variation of the Golden Rule
a. True b. False Indicate whether the statement is true or false